Circular IRDAI/CIR/2024/1755 of the Insurance Regulatory and Development Authority of India dated 7th November, 2024 on the practice as an actuary [C1D-SDZ]

IRDAI/CIR/2024/1755

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 7th November, 2024

CIRCULAR

To

All Registration Officers,

Subject: The practice as an actuary by actuaries under the Insurance Regulatory and Development Authority Act, 1999, regarding.

In exercise of the powers conferred by section 9 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the practice as an actuary by actuaries.

2. The matter has been examined. Every actuary carrying on the practice as an actuary shall make an application in Form IRDA-5 to the Council of Insurers within one hundred and twenty days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the practice as an actuary is undertaken, and the Council of Insurers shall dispose of it within one hundred and twenty days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Insurance Regulatory and Development Authority of India.

(Chief General Manager)